Heineken, Coca-Cola Hellenic to raise stakes in European JV
Beer Drinks Business Review - Nov 11th 2011, 09:19
Dutch brewing major HEINEKEN and Coca-Cola Hellenic have reached an agreement to acquire 41.2% shares in their joint venture beverage company, Pivara Skopje, in Former Yugoslav Republic of Macedonia (FYROM) in Europe.
Heineken and Coca-Cola Hellenic acquired their initial 55.3% stake in Pivara Skopje in 1998. HEINEKEN said Pivara Skopje's shares are currently owned by various minority shareholders. The total consideration for the transaction is €79.1m which will be equally divided between HEINEKEN and Coca-Cola Hellenic.
FYROM competition authorities are expected to approve the deal by early next year. Once the deal is approved by the authorities, HEINEKEN and Coca-Cola Hellenic will together own 96.5% shares of Pivara Skopje.
The remaining 3.5% shares are largely owned by former and current employees of Pivara Skopje. HEINEKEN and Coca-Cola Hellenic said they will continue to work closely together with Pivara Skopje's local distributors and customers to grow the business and local beverage market.
Pivara Skopje is a major beverage company in the country, producing, marketing and distributing various beer and soft drink brands, including Skopsko and Coca-Cola.
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